SOURCE: Sadowski Fischer PLLC

July 17, 2015 16:43 ET

Commerzbank and Whistleblower Reach Settlement in False Claims Act Action Brought by Sadowski Fischer PLLC

NEW YORK, NY--(Marketwired - July 17, 2015) - Commerzbank has settled a False Claims Act qui tam case brought by a whistleblower represented by Sadowski Fischer PLLC.

Pursuant to that settlement, Commerzbank is paying the United States approximately $866,000, and the whistleblower is receiving the highest percentage allowed as a qui tam award under the False Claims Act along with attorney's fees.

Commerzbank is the second largest German bank. According to the whistleblower's complaint, Commerzbank borrowed $350 million from the Federal Reserve while, among other things, helping Iran evade economic sanctions by secretly bringing Iranian gold trading to the United States.

Robert W. Sadowski and Raphael Katz of Sadowski Fischer PLLC, represented the whistleblower, and say "This case shows that the False Claims Act applies to foreign banks that do business in this country."

About Sadowski Fischer PLLC

Sadowski Fischer is a boutique law firm focusing on the prosecution of complex litigation involving financial fraud, and qui tam (whistleblowing) throughout the United States.

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